Texas will continue to shine brightly in 2014, Fed study says

A jobs sign hangs above the entrance to the US Chamber of Commerce building in Washington, DC in this December 13, 2011 file photo. The US labor market softened more than expected in March, with the economy adding only 88,000 jobs, a third of February's job gains, official data released April 5, 2013 showed. The unemployment rate dipped to 7.6 percent from 7.7 percent in February, the Labor Department reported. AFP PHOTO / Karen BLEIERKAREN BLEIER/AFP/Getty Images

A jobs sign hangs above the entrance to the US Chamber of Commerce...

Strong gains in manufacturing, coupled with continued growth in energy and construction, bode well for the Texas economy this year. It's likely to continue outperforming the rest of the nation, Federal Reserve Bank of Dallas reports in the first-quarter issue of its Southwest Economy.

In an article by senior economist Keith Phillips and research assistant Christopher Slijk, the authors point to recent leading indicators that suggest Texas' nonfarm employment should increase by 2.5 to 3.5 percent in 2014. The indicators include the Dallas Fed's Texas Leading Index and company outlook indexes in the Bank's Texas Business Outlook Surveys.

While the statewide economy didn't grow as fast last year as it did in 2012, Texas was still one of the nation's economic bright spots in 2013.

In terms of job growth, Texas was the nation's third-fastest-growing state, trailing only North Dakota and Florida, according to the researchers.

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